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Let The Clunker Go To Charity

by David_H._Urmann

Vehicle charity is a widely successful project to raise funds for
charity and to provide an avenue for citizens to show charity
towards strangers.

Instead of selling, trading or storing a clunker or any old
vehicle, a better and more productive way of disposing of old
vehicles is by donating them through accredited organizations for
the benefit of charitable institutions. This way, the owner isn�t
just letting go of an obsolete vehicle but also helping other
people.

Since 1995 when the vehicle charity programs were begun, many
charitable organizations, both big and small, have benefited from
the program. Such movements were very popular at the time.

Many believed, support and trust in the wisdom and mechanisms of
vehicle charity. The trust has been maintained for 5 reasons.
First, the owner of the vehicle is relieved to find an
inexpensive way to get rid of his car. Second, arranging for
repairs on the body when the car is being sold is definitely too
expensive and impractical. Third, the vehicle won�t need to pass
a smog test. Fourth, the outdated vehicle could not anymore be
trusted to be safe on the road. And fifth, a tax write-off would
be helpful and needed.

People who are interested in helping out the charity can donate
any unused car, boat, RV or any vehicle. To make that donation,
the title must transfer hands as well. In the case that a lien
has been placed on the vehicle, the one who holds the lien has to
provide the owner with a document stating that the lien has been
lifted and need not be honored.

Once the donation has been made official, donated vehicles, are
picked up by affiliate organizations to be sold later at a public
auction. The money made for the vehicle at the auction goes
towards a charity that is either part of the donation program, or
to a charity of the owner�s choice.

The tax write-off benefit to the donor comes into play when the
subject vehicle is for the benefit of a non-profit charitable
institution with tax exempt status. For donated vehicles valued
more than $500, the deduction is limited to the amount properly
realized inn the auction sale. If the vehicle valuation is below
the $500 threshold, write-off may be allowed to the extent of the
vehicle valuation not exceeding $499, regardless of proceeds
realized at the auction sale. Moreover, the write-off is allowed
only against the donor�s income tax payable.

The above discussed rules on the tax write-off are the existing
rules established by the IRS in 2005 to circumvent the earlier
practice of having the full suggested retail price or valuation
tax deducted in all cases. That practice caused the Government to
lose millions in tax revenues.

Questions have, therefore, been raised as to whether the tax
deduction aspect of the charity vehicle mechanism remains to
serve a premium for a host of donors with vehicles more than the
threshold valuation. Answers seem to be in the affirmative since
there remains under the existing rules sufficient mechanism to
recover through tax deduction the full valuation of the vehicle
to be donated such as by donating the vehicle directly for use by
a charitable institution.

For more information on <a
href="http://www.VEHICLE-DONATION.US">Vehicle Charity</a> please
visit our website.

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